KWSG targets N2b micro-credit loan from CBN

Date: 2014-08-28

The Kwara State Government is sets to access N2 billion from the Central Bank of Nigeria (CBN) N220billion micro-credit funds to fund small and medium-scale enterprises (SMEs), according to Senior Special Assistant to Governor Abdulfatah Ahmed on SMEs, Lukman Adams.

 Speaking on Wednesday in Ilorin, at a public/private dialogue organsied by Kwara Coalition of Business and Professional Associations (KWACOBPA), Adams said the state governor had signed a Memorandum of Understanding with the CBN on the scheme, saying that the credit facility would aid growth of the SMEs sector and boost state’s economy.

He said that the loan guaranteed by Irrevocable Special Payment Order (ISPO) would be managed by a special purpose vehicle (SPV) to be established by the state government to guard against mismanagement.   

On the importance of the private sector, he said the feature of Nigeria is in the hand of the sector stressing that no economy can grow without the sector being at the forefront.

He said that "when there is a preponderance of the private sector in any economy there can't be chaos but when it is preponderance of the public sector there will be chaos.”

Adams who commended the KWACOBPA on the steps it is taking on demand for earmarking, by law, one per cent of the state budget as micro-credit fund for the SMEs assured that the government would not be indifferent to the demand.   

Earlier, chairman of the KWACOBPA, Hezekiah Adediji said the association is presenting to the state House Assembly a bill on the earmarking of one per cent of the budget for the SMEs to ensure that the scheme as a legislative backing that will make a permanent feature of the state administration regardless of the party in power.

Chief Adediji added that the scheme would increase business activities which will in turn translate into more employment, reduction of crime rate and increased revenue for development of the state.

 

 


Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Iliasu     Transition Implementation Committee     COVID     Abdulfatai Baakini     Tafida Of Kaiama     Musibau Akanji     Tsado Manman     Ajayi Okasanmi     Folashade Omoniyi     Saka Onimago     JAMB     Abdulrahman Abdulrazaq     Segun Adeniyi     Oniyangi Kunle Sulaiman     Shehu Salau     Isiaka Saka Opobiyi     State Bureau Of Internal Revenue     Oniwasi Agbaye     Ilorin Amusement Park     Taofeek Sanusi     Gbajabiamila     Seni Saraki     Sola Saraki University     Ayinke Saka     Khadijat Ayoola Yusuf     Ayotunde Emmanuel Alao     Abdulahi Abubakar Bata     Ilofa     Ejidongari     Nurudeen Mohammed     Sarah Alade     Kwara State Polytechnic     April 11     Garuba Alikinla Shittu     Apaokagi     Elewu     Umar Danladi Shero     Economic And Financial Crimes Commission     Ibrahim Abiodun     Yusuf Amuda Abubakar     Moshood Mustapha     Sobi Specialist Hospital     Shao     Age AbdulKareem     Senate     Garba Ado Sanni     Na'Allah     Magaji Are     Offa     Tunde Akanbi     NULGE     Kale Bayero     Ganmo     Sulyman Buhari     Amasa     Henry Olaosebikan     Hassan Abdulazeez Elewu     Centre For Peace And Strategic Studies     Bola Sagaya     Share-Tsaragi     Abdulwahab Ololele     Leke Ogungbe     Ogbondoroko     Suleiman Ajadi     Abdulrazaq Akorede     Falokun-Oja     Oke-Ode     Lawan     Amuda Aluko     Ilorin Descendants Progressive Union     KWASAA     KWATMA     Tafidan Kaiama     Sebastine Obasi     Cassava Growers' Association     LAK Jimoh     Lai Mohammed